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SBA Plans to Increase Number of Non-Depository Institutions Eligible to Lend in the 7(a) Loan Program; FinTechs to be Included

Recent pronouncements by Vice President Harris and by an SBA public affairs specialist indicate that SBA will soon publish a Notice of Proposed Rulemaking (NPRM) that will propose an expansion of the number of non-depository...more

Buchalter COVID-19 Client Alert: PPP Loans Now Available to Otherwise-Eligible Companies That Have Ended Their Bankruptcy...

The Small Business Administration (“SBA”) has made an adjustment to its guidance to provide that entities which have concluded a bankruptcy proceeding are not, for purposes of PPP eligibility, considered in bankruptcy....more

Buchalter COVID-19 Client Alert: PPP Application Deadline Extended to May 31, 2021

On Tuesday, March 30, the President signed the PPP Extension Act of 2021, extending the deadline for submitting PPP loan applications from March 31, 2021 to May 31, 2021. Significantly, the Act also gives SBA until June...more

Buchalter COVID-19 Client Alert: New Treasury PPP Rules Clarify Recent Changes to PPP Program, Extend Time to Obtain a PPP Loan to...

On January 6, 2021, Treasury issued two new Interim Final Rules (IFRs) addressing the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act’s (Act) creation of PPP Second Draw Loans, and the Act’s various...more

Buchalter COVID-19 Client Alert: Expert Advice for New Phases for Lenders and Borrowers on PPP and MSLP Loans: PPP Loan...

The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both...more

Buchalter COVID-19 Client Alert: New PPP Guidance Simplifies Forgiveness Application Process for Small PPP Loans of $50,000 or...

On October 8, Treasury issued a new Interim Final Rule Re Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (new IFR), along with a new Loan Forgiveness Application Form 3508S and...more

Buchalter COVID-19 Client Alert: SBA Issues New PPP Guidance Regarding Required Approval for a Sale of Assets or Transfer of...

On October 2, the SBA issued SBA Procedural Notice 5000-20057, Paycheck Protection Program Loans and Changes of Ownership (“Notice”). A link to the Notice is set out below. The Notice sets forth SBA procedural...more

Buchalter COVID-19 Client Alert: Entrapment-by-Estoppel: A Potential Future Defense for Lenders in PPP Fraud Cases

The past decade has taught lenders much about regulatory enforcement risk. In the fallout of the 2008 financial crisis and collapse of the housing and related markets, the Department of Justice and other agencies...more

Buchalter COVID-19 Client Alert: Lenders May Submit PPP Forgiveness Applications to SBA on August 10; SBA Issues New Procedural...

On July 23, SBA announced that lenders may begin submitting PPP loan forgiveness requests to SBA on August 10. To assist lenders, SBA issued a Procedural Notice with new guidance regarding lenders’ reviews of forgiveness...more

Buchalter COVID-19 Client Alert: Federal Reserve Issues New Main Street Lending Program Guidance in Amended Frequently Asked...

On July 15, 2020, the Federal Reserve published a number of changes to the Main Street Lending Program’s frequently asked questions, which FAQs were amended to provide further guidance on a number of issues. The Federal...more

Buchalter COVID-19 Client Alert: Congress Passes Extension of PPP Loan Origination to August 8 and Sends to President Trump

Wednesday evening, July 1, the House by unanimous voice vote passed a bill already approved unanimously by the Senate that will extend the period to obtain PPP loans until August 8, 2020. President Trump is expected to sign...more

Buchalter COVID-19 Client Alert: Treasury Issues New PPP Interim Final Rule, and Revised Long Form and New Short Form EZ...

To implement the changes to the PPP program contained in the recently enacted PPP Flexibility Act, Treasury has issued a new Interim Final Rule (IFR). It has also issued a revised forgiveness application form, worksheet and...more

Buchalter COVID-19 Client Alert: PPP Flexibility Act is Enacted

On June 5, the President signed the PPP Flexibility Act. As first described in Buchalter’s previous ALERT, this new law creates the following adjustments to PPP requirements: For loans entered into on or after the date the...more

Buchalter COVID-19 Client Alert: PPP Flexibility Act Passes House, Likely Vote in Senate Next Week

By a near-unanimous 417-1 vote, the House has passed the PPP Flexibility Act, which if enacted would, among other things, extend the time to utilize Payroll Protection Program (PPP) loan proceeds and obtain forgiveness,...more

Buchalter COVID-19 Client Alert: Treasury Issues New Interim Final Rule Re PPP Loan Forgiveness

On May 22, Treasury issued a new Interim Final Rule (“IFR”) regarding Small Business Administration (“SBA”) Payroll Protection Program (”PPP”) loan forgiveness. Much of the IFR repeats information previously published by...more

Buchalter Client Alert COVID-19: Treasury Issues Application for SBA PPP Loan Forgiveness

The Treasury Department has issued a form application to be used for SBA Payroll Protection Program (PPP) borrowers to seek loan forgiveness, along with instructions for completing the form and an accompanying worksheet... ...more

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